Crypto exchange DragonEx exchanges deposits and withdrawals of all digital currencies on the platform due to issues caused by OKEx’s permanent withdrawal freeze.

In an official announcement on October 21, DragonEx said the OKEx freeze caused a “crisis of confidence” in centralized exchanges among its clients, which in turn led to a race for money and exacerbated platform abuse.

DragonEx is currently working on a restructuring plan to resume deposits and withdrawals on the platform. Company officials said the exchange should close if they fail to successfully reorganize by November 2, 2020.

The exchange also reported that the exchange underwent a major hack in March 2019, resulting in a loss of more than $ 7 million in users. The directors of the company write that after more than a year of hard work, the stolen assets have not been recovered.

News of the impending closure of DragonEx came shortly after OKEx resumed some services on the platform after the withdrawal was terminated on October 16. On October 21, OKEx announced the resumption of peer-to-peer cryptocurrency exchange services with three fiat currencies such as the Chinese yuan, Indian rupee and Vietnamese dong.

Source: CoinTelegraph